Havells India rose 2.82% to Rs 286.55 at 14:31 IST on BSE after net profit fell 11.01% to Rs 121.85 crore on 2.84% increase in total income to Rs 1361.71 crore in Q4 March 2015 over Q4 March 2014.
The result was announced during trading hours today, 11 May 2015.
Meanwhile, the BSE Sensex was up 309.29 points, or 1.14%, to 27,414.68.
On BSE, so far 6.43 lakh shares were traded in the counter, compared with an average volume of 1.95 lakh shares in the past one quarter.
The stock hit a high of Rs 293.40 and a low of Rs 270 so far during the day. The stock hit a 52-week high of Rs 346.15 on 10 December 2014. The stock hit a 52-week low of Rs 181.71 on 9 May 2014.
The stock had outperformed the market over the past one month till 8 May 2015, falling 5.25% compared with 5.58% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 13.89% as against Sensex's 5.62% fall.
The large-cap company has an equity capital of Rs 62.45 crore. Face value per share is Re 1.
Havells India's net profit fell 2.87% to Rs 464.94 crore on 11.10% increase in total income to Rs 5282.95 crore in the year ended March 2015 over the year ended March 2014.
On a consolidated basis, net profit fell 13.65% to Rs 385.42 crore on 4.77% increase in total income to Rs 8619.89 crore in the year ended March 2015 over the year ended March 2014.
Meanwhile, Havells India announced during trading hours today, 11 May 2015, that it signed an out of court settlement agreement with one of the customer who had raised claims against the company relating to supply of switchgear products. The supply was questioned by the customer on approved specification norms. The material supplied was reportedly recalled by the customer voluntarily from the market. During the year 2012-13, arbitration proceedings were initiated by the customer against the company under English Laws.
The company, considering its long-term relationship with the customer without admission of liability on its part, agreed to pay an amount of Rs 69.69 crore to the customer as full and final settlement of the legal proceedings. The said amount has been fully provided for in the books of accounts and includes Rs 17.71 crore and Rs 27.69 crore provided during the last quarter and financial year 2014-15 respectively, the company said.
Havells India is a leading fast moving electrical goods (FMEG) company with a strong global footprint. Havells enjoys enviable market dominance across a wide spectrum of products, including industrial & domestic circuit protection devices, cables & wires, motors, pumps, fans, modular switches, home appliances, electric water heaters, power capacitors, CFL lamps, luminaires for domestic, commercial and industrial applications.
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